Recent findings show one in ten audits require significant improvements but choosing the right auditor makes all the difference.

The spotlight is firmly on audit quality following the Institute of Chartered Accountants in England and Wales' (ICAEW) latest review, which found that whilst two-thirds of audits meet acceptable standards, one in ten still require "significant improvements".

The ICAEW's review of 790 audits revealed that 67% were generally acceptable – down from 71% in 2023. More concerning was the consistent 10% falling well below expectations.

Several factors contribute to substandard audits. Smaller firms struggle with staff retention, whilst technological advances mean some firms lack expertise for complex IT systems. Most worryingly, inexperienced staff frequently conduct analysis that should be handled by senior colleagues.

Not all audit firms are created equal. The difference between routine compliance and genuinely valuable business processes comes down to your chosen auditor's expertise.
"At Whitley Stimpson, we've built our reputation on delivering audits that go beyond mere compliance. Our approach recognises that an audit should be a positive catalyst for business improvement, not simply a statutory obligation," explains Laura Adkins, Director at Whitley Stimpson.

"The added scrutiny provided by an audit enhances the credibility of a business's financial statements, instilling confidence in stakeholders, investors, and other parties," Laura explains.

"This increased credibility can be particularly valuable when dealing with banks, suppliers or staff."

"Ultimately, the purpose of an audit is to instil confidence in shareholders, protect investments and maintain transparency in business operations," concludes Laura.